Truist Financial (NYSE:TFC) Price Target Raised to $51.00

Truist Financial (NYSE:TFC) had its target price upped by Citigroup from $47.00 to $51.00 in a report issued on Monday morning,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

A number of other brokerages also recently commented on TFC. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Royal Bank of Canada upped their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Compass Point upped their price target on Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. UBS Group upped their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, The Goldman Sachs Group reduced their price target on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $47.17.

Truist Financial Stock Performance

Truist Financial stock opened at $47.75 on Monday. The company has a 50 day moving average price of $44.13 and a 200-day moving average price of $41.75. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial has a fifty-two week low of $31.23 and a fifty-two week high of $49.06. The company has a market capitalization of $63.39 billion, a PE ratio of -33.39, a P/E/G ratio of 1.97 and a beta of 1.05.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. As a group, equities analysts forecast that Truist Financial will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. purchased 34,180 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is owned by insiders.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its position in shares of Truist Financial by 4.6% during the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Geode Capital Management LLC boosted its position in Truist Financial by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider’s stock valued at $1,169,350,000 after buying an additional 456,412 shares during the period. Legal & General Group Plc boosted its position in Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after buying an additional 103,565 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Truist Financial by 3.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock valued at $403,365,000 after buying an additional 288,306 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after buying an additional 299,196 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.